Inflation rate slows for 4th consecutive month to 20.9% in July

The year-on-year inflation rate slowed for the fourth consecutive month, reaching 20.9% in July 2024, down from 22.8% in the previous month.
This indicates that in July 2024, the general price level was 20.9% higher than in July 2023.
The month-on-month inflation between June and July 2024 stood at 2.1%.
Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, had projected that the inflation rate could reach 15% by the end of 2024.
At a press briefing, Professor Samuel Anim, the Government Statistician, revealed that the Consumer Price Index (CPI) for July 2024 was 231, relative to 191 in July 2023.
Food inflation contributed 21.5% to overall inflation, a decrease from last month’s food inflation rate of 24%, with month-on-month food inflation being 1.7%.
Meanwhile, non-food inflation contributed 20.5%, compared to 21.6% in the previous month, with month-on-month non-food inflation at 2.4%.
Inflation for imported items was 15.6%, whereas locally produced items saw a higher inflation rate of 23.3%.
On a regional basis, the Upper East Region recorded the highest inflation rate of 26.9%, while the North East Region had the lowest regional inflation rate of 12.5%.